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9323 Somerset Rd. - San Antonio, TX 78211
PROPERTY Stats
212
UNITS
2007 & 2008
Year Built
225,241
sF
PROPERTY OVERVIEW
Costa Mirada is a 212-unit affordable housing community located in San Antonio, TX, with easy access to Interstates 10, 35, 37, & 410. Downtown San Antonio is approximately 10 miles away and provides an abundance of dining, shopping, and entertainment, including The Alamo and The San Antonio River Walk.
The property was built and placed in service in 2007 & 2008 under the under the Section 42 Low Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require 211 units to be rented to income qualifying residents earning no more than 50% and 60% of Area Median Income (AMI) limits, which are provided by the Texas Department of Housing and Community Affairs.
There is also an opportunity to purchase the 7.125 acre parcel of vacant land that sits directly adjacent to Costa Mirada. The land is zoned for multifamily and would provide a development opportunity for a prospective buyer to add additional units to the site.
Costa Mirada offers one, two, three, and four bedroom floorplans that come standard with a patio/balcony, ceiling fans, a fully equipped kitchen, 9-foot ceilings, walk-in closets, window coverings, and full size washer & dryer connections. Residents benefit from an abundance of community amenities such as an on-site business center, a clubhouse with community room, secure gated access, a children’s activity center, an on-site fitness center, an on-site laundry facility, two playgrounds, and a swimming pool.
The MSA has experienced fantastic income growth over the last several years, with the HUD Median Family Income increasing from $62,100 in 2016 to $88,600 in 2023, which has directly resulted in strong growth in the LIHTC rental limits
The property is operating at a significant discount to both comparable LIHTC and market rate properties, providing evidence of strong rental upside at the asset
The LIHTC Restrictions will expire at the end of 2037 allowing for a conversion to market at that time
The property is ideally located within close proximity to a number of higher education institutions, including Palo Alto College, Texas A&M - San Antonio and The University of Texas San Antonio
Ability to potentially purchase the adjacent 7.125 acre parcel for a future development opportunity
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
250 W. Nottingham Dr.
Suite 120
San Antonio, TX 78209
SAN ANtoNIO
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TIM LEONHARD
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
MORTGAGE BANKERS
CHRIS CRUMP
Managing Director
504.322.1196
chris.crump@berkadia.com
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Managing Director
Multifamily
210.377.1535
mike.miller@berkadia.com
MIKE MILLER
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
INVESTMENT ADVISORS
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
Adam Tomberg
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
JORDAN SKYLES
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Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
Jeff IRish